State highway agencies are facing immense pressure to maintain roads at acceptable levels for drivers amidst challenging financial and economic situations. Pavement preservation has been sought as a potential alternative for managing the pavement assets. This paper aims to present the functional and structural benefits of the Ultrathin Bonded Wearing Course (UTBWC) applications as a pavement preservation strategy on highway sections in Indiana. To achieve this goal, comprehensive monitoring and data analysis were performed using the Pavement Condition Rating (PCR), Structural Number (SN), and International Roughness Index (IRI) for in situ performance evaluation on UTBWC and the four control sections (SR-58, SR-69, SR-68, and SR-145). The cost study indicated that UTBWC would be deemed cost-effective if it could provide more than 3.6 years of service life, and resurfacing would be deemed cost-effective if it could provide more than 3 years of service life. The study results demonstrate that UTBWC is not as cost effective as resurfacing; however UTBWC can still address pavement distresses and can extend pavement life in general.